The price of Indian crude oil basket has increased to $ 118.06 per barrel
According to data released by Petroleum Planning and Analysis Cell (PPAC), the price of Indian basket crude rose to $118.06 per barrel on June 7 from an exchange rate of Rs 77.72 (Rs/$).
At the same time, the average price of Indian basket of crude oil rose to $117.01 a barrel in June (till Tuesday), according to PPAC data.
The rise in the average Indian basket crude oil price is significant as the average price in May 2022 stood at 109.51 per barrel.
Despite a jump in crude oil prices, fuel prices in the country have been stable since May 22, 2022 and oil marketing companies have been signaling to the government about under-recoveries.
While refiners are regularly buying Russian crude at discounted prices and analysts have said this could help cover their losses to an extent, rising crude oil prices are gradually putting pressure on their margins.
With the Russo-Ukraine war lasting more than 100 days, global crude oil prices are likely to rise and remain in the range of $110 and $120 per barrel in the near future.